I attached a picture of the accounting excel problem instructions (on the word document) and a picture of the excel spreadsheet that need the formulas answered.thank you for your help. ### Variance Analysis Data SetsBelow you will see three sets of inputs. After inputting all of your formulas, you should be able to use any of these sets of data and have the answers automatically update.Please choose one of the data sets above and input all of the necessary formulas to find the answers. Once you are done, choose a different data set, enter it into your spreadsheet, and check the updated answers to ensure that everything is flowing through the formulas appropriately. A check answer for each one has been provided.#### Data set #1**Inputs:****Data Section:**- **Materials price variance input** - Actual cost of material per pound (ounce, etc.): $15.90 - Standard cost of material per pound (ounce, etc.): $16.00- **Materials quantity variance input** - Actual quantity of materials used: 39,500 - Standard quantity of material used for actual output: 38,000- **Labor rate variance input** - Actual cost of labor per hour: $8.05 - Standard cost of labor per hour: $8.00- **Labor efficiency variance input** - Actual quantity of hours incurred: 44,000 - Standard quantity of hours for actual output: 45,600**Check figure (Total materials and labor variances):**- $9,450---#### Data set #2**Inputs:****Data Section:**- **Materials price variance input** - Actual cost of material per pound (ounce, etc.): $16.10 - Standard cost of material per pound (ounce, etc.): $16.00- **Materials quantity variance input** - Actual quantity of materials used: 39,500 - Standard quantity of material used for actual output: 39,000- **Labor rate variance input** - Actual cost of labor per hour: $8.10 - Standard cost of labor per hour: $8.20- **Labor efficiency variance input** - Actual quantity of hours incurred: 46,000 - Standard quantity of hours for actual output: 45,600**Check figure (Total materials and labor variances):**- $10,630---#### Data set #3**Inputs:****Data Section:**- **Materials price variance input** - Actual cost of material ---# Variance Analysis Worksheet## Data Section:### Materials Price Variance Input- **Actual cost of material per pound (ounce, etc.):** $15.90- **Standard cost of material per pound (ounce, etc.):** $16.00### Materials Quantity Variance Input- **Actual quantity of materials used:** 39,500- **Standard quantity of materials used for actual output:** 38,000### Labor Rate Variance Input- **Actual cost of labor per hour:** $8.05- **Standard cost of labor per hour:** $8.00### Labor Efficiency Variance Input- **Actual quantity of hours incurred:** 44,000- **Standard quantity of hours for actual output:** 45,600---## Answer Section:### Materials Variance1. **Material Price Variance:** [FORMULA1] [SELECT ONE]2. **Material Quantity Variance:** [FORMULA2] [SELECT ONE]#### Total Materials Variance: [FORMULA3] [SELECT ONE]### Labor Variance3. **Labor Rate Variance:** [FORMULA4] [SELECT ONE]4. **Labor Efficiency Variance:** [FORMULA5] [SELECT ONE]#### Total Labor Variance: [FORMULA6] [SELECT ONE]### Total Materials and Labor Variances- **Sum of All Variances:** [FORMULA7]---*Indicate "F" for Favorable or "U" for Unfavorable variance in the respective dropdown menus.*

The variance is the difference between the actual data and standard output.

6 Data Section: 7 8 Materials price variance input 9 Actual cost of material per pound (ounce, etc.) O tandard cost of mat. per pound (ounce, etc.) $15.90 $16.00 1 2 Materials quantity variance input 3 Actual quantity of materials used 4 Standard quantity of mat. used for actual output 39,500 38,000 6 Labor rate variance input 7 Actual cost of labor per hour 8 Standard cost of labor per hour $8.05 $8.00 9 0 Labor efficiency variance input 1 Actual quantity of hours incurred 2 Standard quantity of hours for actual output 3 4 44,000 45,600 5 Answer Section: Indicate For U only 7 8 Material price variance 9 Material quantity variance SELECT ONE SELECT ONE FORMULA1 FORMULA2 1 Total materials variance FORMULA3 SELECT ONE -2 FORMULA4 FORMULA5 3 Labor rate variance SELECT ONE 4 Labor efficiency variance -5 -6 Total labor variance SELECT ONE FORMULAG SELECT ONE 8 Total materials and labor variances FORMULA7 ==== ------- ---

6 Data Section: 7 8 Materials price variance input 9 Actual cost of material per pound (ounce, etc.) O tandard cost of mat. per pound (ounce, etc.) $15.90 $16.00 1 2 Materials quantity variance input 3 Actual quantity of materials used 4 Standard quantity of mat. used for actual output 39,500 38,000 6 Labor rate variance input 7 Actual cost of labor per hour 8 Standard cost of labor per hour $8.05 $8.00 9 0 Labor efficiency variance input 1 Actual quantity of hours incurred 2 Standard quantity of hours for actual output 3 4 44,000 45,600 5 Answer Section: Indicate For U only 7 8 Material price variance 9 Material quantity variance SELECT ONE SELECT ONE FORMULA1 FORMULA2 1 Total materials variance FORMULA3 SELECT ONE -2 FORMULA4 FORMULA5 3 Labor rate variance SELECT ONE 4 Labor efficiency variance -5 -6 Total labor variance SELECT ONE FORMULAG SELECT ONE 8 Total materials and labor variances FORMULA7 ==== ------- ---

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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